Labor Market Institutions, Fiscal Multipliers, and Macroeconomic Volatility
研究了劳动力市场制度如何通过影响工资刚性、职位分离和匹配摩擦，改变政府支出冲击的传导机制和宏观经济波动，对16个OECD国家的数据进行了实证分析。
ABSTRACT How do labor market institutions shape the transmission of government spending shocks and macroeconomic volatility? We develop a theoretical model in which labor market institutions affect fiscal transmission through their effect on wage rigidity, job separation, and matching frictions. We estimate an interacted panel vector autoregressive model for 16 OECD economies and study how macroeconomic responses to government spending shocks vary with institutional labor market characteristics. In line with our theoretical predictions, we show that institutions that stabilize employment and wages tend to reduce output volatility and attenuate the response of output and employment to government spending shocks.